During last Friday’s trading, ARK Invest, a New York-based investment firm, purchased 225,937 shares of Jack Dorsey’s Square.
The acquisition was made through the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), two of ARK Investment’s six actively managed exchange-traded funds, according to data released in the firm’s weekly newsletter. Square stock was added to the two funds in the amounts of 179,664 and 46,273 shares, respectively.
Square is also owned by Cathie Wood’s organization through the ARK Fintech Innovation ETF (ARKF).
The three ETFs hold more than 7.2 million shares in the payment company, worth more than $1.7 billion, ahead of Monday’s trading session.
Investing in Bitcoin-related businesses Stocks in Square and Coinbase
Square’s shares were added to the ARK’s portfolio shortly after Dorsey announced intentions for a “new business” focused on establishing a platform that would permit Bitcoin-based “non-custodial, permissionless, and decentralized financial services” on Thursday.
Dorsey also revealed earlier this month that the payment giant will develop a Bitcoin hardware wallet.
ARK Invest also bought 214,718 Coinbase shares on Friday. The transaction was carried out through the ARKK, which now owns approximately 4 million shares in the bitcoin exchange valued at $905 million.
Despite the fact that Square and Coinbase both provide users with crypto-related services such as purchasing and selling Bitcoin, both companies have Bitcoin on their balance sheets. Square now has 8,207 Bitcoin, which is worth around $260 million at today’s pricing. Coinbase also stated in February that it has 4,482 Bitcoin worth $141 million on its books.